Complete the Following Table (Weightage 5 Marks)
Partnership Final Account
No Textual Question
Not for Profit’ Concern
1. Complete the Table
Sr. No. | Income | Expenditure | Surplus/Deficit |
1 | 10,000 | 5,000 (Deficit) | |
2 | 8,000 | 4,000 (Surplus) | |
3 | 15,000 | 8,000 (Surplus) | |
4 | 7,500 | 9,000 | |
5 | 15,000 | 11,300 |
Solution:
Sr. No. | Income | Expenditure | Surplus/Deficit |
1 | 10,000 | 15,000 | 5,000 (Deficit) |
2 | 8,000 | 4,000 | 4,000 (Surplus) |
3 | 23,000 | 15,000 | 8,000 (Surplus) |
4 | 7,500 | 9,000 | 1,500 (Deficit) |
5 | 15,000 | 11,300 | 3,700 (Surplus) |
2. Salary paid during the Year
Sr.No. | Total | Prepaid / Outstanding | Rs | Expenditure for the year |
1 | 1,100 | Prepaid | 100 | |
2 | 2,700 | Prepaid | 2,000 | |
3 | 8,250 | Prepaid | 6,650 | |
4 | 1,200 | Outstanding | 200 | |
5 | Outstanding | 600 | 5,100 | |
6 | 1,800 | Outstanding | 2,200 |
Solution:
Sr. No. | Total | Prepaid / Outstanding | Rs | Expenditure for the year |
1 | 1,100 | Prepaid | 100 | 1,000 |
2 | 2,700 | Prepaid | 700 | 2,000 |
3 | 8,250 | Prepaid | 1,600 | 6,650 |
4 | 1,200 | Outstanding | 200 | 1,400 |
5 | 4,500 | Outstanding | 600 | 5,100 |
6 | 1,800 | Outstanding | 400 | 2,200 |
3. Rent Received During the Year
Sr. No. | Total Received | Rent received inAdvance/Accrued | Rs | Income for the year |
1 | 1,300 | Received in Advance | 200 | |
2 | Received in Advance | 400 | 1,400 | |
3 | 2,650 | Received in Advance | 2,000 | |
4 | Accrued | 290 | 3,190 | |
5 | 1,700 | Accrued | 2,150 | |
6 | 2,600 | Accrued | 500 |
Sr. No. | Total Received | Rent received in Advance/Accrued | Rs | Income for the year |
1 | 1,300 | Received in Advance | 200 | 1,100 |
2 | 1,800 | Received in Advance | 400 | 1,400 |
3 | 2,650 | Received in Advance | 650 | 2,000 |
4 | 2,900 | Accrued | 290 | 3,190 |
5 | 1,700 | Accrued | 450 | 2,150 |
6 | 2,600 | Accrued | 500 | 3,100 |
Admission of Partner
Retirement of Partner
No Textual Question
Death of Partner
No Textual Question
Dissolution of Partnership Firm
1) | Debit side total of Realisation A/c | Credit side total of Realisation A/c | Loss on Realisations |
₹ 20,000 | ___________? | ₹ 4,000 | |
2) | Creditors | Bills Payable | Third-Party Liabilities |
₹ 16,000 | ₹ 12,000 | ___________? | |
3) | Credit side total Profit ion of Realisation A/c | Debit side total of Realisation A/c | Profit of realisation |
₹ 21,000 | ₹ 16,000 | ___________? | |
4) | Debit side total of Capital A/c | Credit side total of Capital A/c | Cash brought by partner |
₹ 51,000 | __________? | ₹ 17,000 | |
5) | capital deficiency | Cash brought by Insolvent Partner | Insolvent loss |
________? | ₹ 7,000 | ₹ 21,000 |
Solution:
1) | Debit side total of Realisation A/c | Credit side total of Realisation A/c | Loss on Realizations |
₹ 20,000 | ₹ 16,000 | ₹ 4,000 | |
2) | Creditors | Bills Payable | Third-Party Liabilities |
₹ 16,000 | ₹ 12,000 | ₹ 28,000 | |
3) | Credit side total Profit ion of Realisation A/c | Debit side total of Realisation A/c | Profit of realisation |
₹ 21,000 | ₹ 16,000 | ₹ 5,000 | |
4) | Debit side total of Capital A/c | Credit side total of Capital A/c | Cash brought by partner |
₹ 51,000 | ₹ 34,000 | ₹ 17,000 | |
5) | capital deficiency | Cash brought by Insolvent Partner | Insolvent loss |
₹ 28,000 | ₹ 7,000 | ₹ 21,000 |
Bills of Exchange
Complete the following Table
1)
Date of Drawing | Date of Acceptance | Payable | Due Date |
30.1.2019 | 1.2.2019 | 60 days after date | |
17.8.2019 | 21.8.2019 | 3 months after sight | |
23.12.2019 | 26.12.2019 | 1 months after date | |
28.1.2019 | 28.1.2020 | 1 months after date | |
30.6.2019 | 2.7.2019 | 45 days after date |
Solution:
Date of Drawing | Date of Acceptance | Payable | Due Date |
30.1.2019 | 1.2.2019 | 60 days after date | 3rd April 2019 |
17.8.2019 | 21.8.2019 | 3 months after sight | 24th Nov. 2019 |
23.12.2019 | 26.12.2019 | 1 months after date | 25h Jan. 2019 |
28.1.2019 | 28.1.2020 | 1 months after date | 2nd Mar. 2019 |
30.6.2019 | 2.7.2019 | 45 days after date | 17th Aug. 2019 |
2)
Sr. No | Date of drawing | acceptance | Tenure | Type | Nominal due date | Legal due date |
1 | 3rd January 2020 | 5th January 2020 | 45 days | after date | ? | ? |
2 | 9th April 2019 | 12th April 2029 | 4 months | After sight | ? | ? |
3 | 23rd November 2019 | 23rd November 2029 | 2 months | after date | ? | ? |
4 | 16th August 2019 | 20th August 2019 | 4 months | After sight | ? | ? |
5 | 23rd December 2018 | 24th December 2018 | 60 days | after date | ? | ? |
Solution:
Sr. No | Date of drawing | Date of acceptance | Tenure | Type | Nominal due date | Legal due date |
1 | 3rd January 2020 | 5th January 2020 | 45 days | after date | 17th Feb. 2020 | 20th Feb. 2020 |
2 | 9th April 2019 | 12th April 2029 | 4 months | After sight | 12th Aug. 2019 | 14th Aug. 2019 |
3 | 23rd November 2019 | 23rd November 2029 | 2 months | after date | 23rd Jan. 2020 | 25th Jan. 2020 |
4 | 16th August 2019 | 20th August 2019 | 4 months | After sight | 20th Dec. 2019 | 23rd Dec. 2019 |
5 | 23rd December 2018 | 24th December 2018 | 60 days | after date | 21st Feb. 2019 | 24th Feb. 2019 |
Company Accounts – Issue of Shares
No Textual Question
Analysis of Financial Statements
No Textual Question
Computer In Accounting
No Textual Question